OF JOHN SHEHMAN. 517

purpose deolarnd in the title of this bill, 1 would have provided some moans of gradual redemption between this nut! t)m time fixed for final specie payments. All those moans tiro open to objection. •

"Them li;iv« boon thvco different plans proposed to prepare for specie piiymonts, and only throe. They are nil grouped in three classes. One is u-l?at is callod the contraction plan. Tlie simplest and most direct way to specie payments is, undoubtedly, the gradual withdrawn! of United States notes or Uio contraction of (lie currency. Now, wo know very wnll tlio fooling with which that idea is regarded, not only in this Somite, but all through tiin country. It is believed to operate as a disturbing element in nil tho business relations of life ; to add to tho burden of the debtor by making saarco that article in winch he is hound to pay his debts ; and thorn has boon an honest, sincere opposition to thin theory of contraction. Therefore, although it may bo tho simplest and the best way to reach specie payments, it is entirely omitted from tliis bill.

" Tho si'cuml plan, that 1 have favored myself often, and would favor now, if I htul in v own way, and had no opinion to consult 1ml my own, is the plan of convm-ting United Stales notes into a bond thai would gradually appreciate our notes to par in gold. That has always been a favorite idea of mine. Thoro is nothing of that kind in this bill, except those provisions which authori'/.o tho Secretary of the Treasury to issue bonds to retire the greenbacks as bank notes uro issued ; and it also authorizes the Secretary of tho Treasury to issue bonds to provide for and to maintain resumption. I therefore huvo been compelled l« surrender my ideas on this bill in order to Hi-oonifilish a £food object without using these means that have been bold objectionable by many Senators.

"Tho third plan of resumption hus boon fjivorrd vory exfenwivdy in this country, which is the plan of a graduated scale for resumption in coin or bullion ; u-Jiiit 1 call (ho English plan. T)mt is, thai we provide nou- for tho redemption, tit a fixed rate or scale of rates, of so much gold for a spo-oilitJ stun of 1,'nited SftttcH notes. At present, rates wo ivould give about $00 of gold for §100 of greenbacks, and then provide for a graduated scale hy which wo >vould approaeli specie payments i-onslandy, and rearh it at a fixed day. This may bo called a gradual redemption. This, also, is objectionable to many persons, from tho idea that it compels us fo enter tlm money nuirkotR of the world to discount our own paper. It in an ideal objection, but a very strong objeetinn ; an objection that has force with a grout many nuoplo. Wo have undertaken to redeem these notes in coin. mid it, is ut lunst a question of doubtful ethics whether we ought to enter into tho marhots of tho world and buy our own notes at a discount. Although (hut plan has been adopted in England and successfully carried into execution, yet there is u strong objection to it in this country, and therefore that mode is abandoned.

" Wither of these plans T could readily support; but they have met and will moot with such opposition that wo cannot hope to carry them or